Auctions Start With A Bang
The 2024 auction selling season is now officially underway with a solid start during the first big weekend of sales.
CoreLogic reports clearance rates last week were the second-best start to a selling season since it started collecting data in 2008 with the national preliminary clearance rate from 1671 auctions hitting 74%.
CoreLogic head of research Tim Lawless says news of low inflation and the possibility of early rate cuts appears to have boosted sentiment.
Adelaide continued its successful run of auctions with the highest clearance rate of 77.6% last week based on 159 auctions. Sydney was 76.3% based on 562 auctions, its best result since July 2023.
Melbourne’s clearance rate was 71.9% based on 603 auctions and Brisbane's 68.5% based on 203 auctions.
Lawless says the next few weeks will confirm whether the strong result is some “early year exuberance” or a trend that can persist.
The best sub-region performer was Sydney’s Northern Beaches with a clearance rate of 82.4%.
